This step is very easy, free, and can save you a lot of money. My power bill went down from $200-$300* per month in the winter to $100-$150* per month with just this one simple change. However You need to make sure you can adjust your power usage to use most of your power during off peak hours, or you will end up paying more instead of less.
Here is what I did to make this work very well for my home.
1- I put a timmer (I used this one) on my water heater so it will only turn on during off peak times. I found that by turning the temperature up on the water heater that It would store enough hot water for my needs during the day. I also try to use most hot water during off peak times. My water heater stores enough hot water for about 2 showers during peak time, which works out fine for my family since we can always take a shower before peak time in the morning, or after peak time at night.
2- I Only do laundry (hot water, electric dryer), on weekends or at night. If you don’t use an electric dryer, you could probably ignore this step, as long as you have enough hot water stored.
3- I set my dishwasher on a timer (it is a setting on the dishwasher) so it turns on during the night. I just fill the dishwasher at night, turn the timer on, and have clean dishes in the morning.
4- Heat my house during the nigh, and turn off the heat during the day. This works as long as the sun is out. But if it is really cold, or cloudy I still need to use heat during the day. This will become irrelevant when I get my wood boiler installed, because it will heat my house with wood. But until then, I try to use most of my power at night.
here are some suggestions from rocky mountain power (my power company).
here are more details from rocky mountain power on the time of day options (this is my power company, you should check with the power company you use to see what there options are).
* The Electricity prices I mention here are from a couple of years ago. If I were making this first change now, I would look something like this: $500-$700 reduced to $250-$350. I am so glad I am not going to need to worry about increasing electirc costs much longer.